EigenLayer

DeFi

USDC

Rewards

<a href="https://cryptoticker.io/en/ultimate-guide-to-ether-fi-airdrop" rel="noopener noreferrer nofollow">Ether.fi</a>, known for its innovative solutions in the DeFi space, has announced a groundbreaking product that could revolutionize how crypto enthusiasts manage their finances. The new Ether.fi Cash card, a mobile wallet and Visa credit card, will allow users to borrow USDC, a popular USD-pegged stablecoin, against their DeFi investments, and repay the borrowed amount directly with crypto.
"Our mission is to build a suite of integrated apps that make DeFi actually usable for normal people," said Mike Silagadze, founder of Ether.fi. "Cash is your spending account, with the dream being that you never have to off-ramp" from the blockchain. "Off-ramping" refers to the tedious (and often costly) process of converting between cash and crypto.
<h2 id="simplifying-the-crypto-lifestyle">Simplifying the Crypto Lifestyle</h2>
Ether.fi is currently renowned for its service that channels assets into <a href="https://cryptoticker.io/en/eigenlayer-announces-airdrop-for-new-native-token" rel="noopener noreferrer nofollow">EigenLayer</a>, an <a href="https://cryptoticker.io/en/token/ETH" rel="noopener noreferrer nofollow">Ethereum</a>-based restaking giant. This service helps investors secure emerging blockchain services in exchange for rewards. Over the past year, EigenLayer has attracted approximately $18 billion in deposits, with over $5.5 billion funneled through Ether.fi in exchange for eETH tokens. These tokens act as receipts for EigenLayer deposits and can be traded in crypto markets like any other asset.
In addition to its "Stake" program, Ether.fi offers a "Liquid" program where users can deposit funds into vaults that follow curated trading strategies. Ether.fi Cash cardholders will have the option to borrow funds against their Stake or Liquid deposits and use the interest from these investments to automatically pay off their bills. Alternatively, users can convert assets directly into USDC for instant settlement.
"With Cash, you on-ramp once onto Ether.fi and then you never have to off-ramp again because you can save, invest, and spend all your money," Silagadze explained. "You can get paid in crypto, and you can just live your life normally without plugging into the TradFi ecosystem."
<h2 id="crypto-centric-rewards-and-practical-benefits">Crypto-Centric Rewards and Practical Benefits</h2>
Ether.fi also aims to introduce a crypto-centric rewards program, similar to those offered by traditional credit card providers like Chase. The key differentiator will be its fee structure, which aligns with the DeFi market rather than the standard 15-30% APR charged by conventional credit cards.
While this isn't the first attempt at a crypto-based card, Silagadze is confident in the unique value of the Ether.fi Cash card. "Most of them are Visa debit cards," he noted. "Visa debit cards are pointless because you can only use them for, like, hotels and car rentals. You can't use them for a lot of stuff. They're just not practical." He emphasized, "This is an actual credit card."
The Ether.fi Cash card is expected to roll out to consumers starting in September. However, due to regulatory constraints, it might not be available in certain major markets, including the U.S.
Using crypto as cash will always have its unique complexities – from market considerations to tax implications. "Initially, this is designed for crypto natives," Silagadze said. "But if somebody is thinking of becoming a proper degen, looking at something like this might make them feel like, 'Alright, this actually helps me navigate this universe.'"

Ether.fi Launches New Visa Card to Spend Crypto Easily

Table of Contents

CryptoTicker ENG

Other articles published on May 24, 2024

What’s the Deal With Bitcoin ETFs?

Suno AI Music Platform Attracts $125 M Investment

Secure Crypto and Derivatives Trading Platform Ouinex Redefines Crypto Success Through Community-...

How a Crypto Trader Made $65M in Just One Year with PEPE Meme Coin and These Two Tokens

ETH ETF May Spark Altseason; Bitcoin Dominance In Risk

Pendle TVL Surges 20x 2024, Will Price Follow The Same?

Join our free newsletter for daily crypto updates!